Caribbean Export is the regional trade and investment promotion agency focused on building a resilient Caribbean by providing cutting-edge and high-impact support to the private sector.
JoEllen is the Manager (Ag) for Partnerships, Advocacy and Reporting with Caribbean Export and manages all aspects of the Agency's communications within her portfolio.
With just seven days until the doors open at the Speciality and Fine Food Fair 2022, ten absolutely Caribbean companies are ready to present their range of produce over two days at Olympia, London from 5-6 September 2022.
The authentic Caribbean companies include Naledo (Belize), Superb Blend (Barbados) Old Duppy (Barbados), Flauriel (St Kitts and Nevis), Pringa’s (St Vincent and the Grenadines), Shavuot (Jamaica), St Lucia Distillers (St Lucia), Kalembu (The Dominican Republic) and the Antillia Brewing Company (St Lucia), CariBelle Foods (Trinidad and Tobago).
Showcasing under an ‘Absolutely Caribbean’ branded pavilion the companies are being supported by the Caribbean Export Development Agency in collaboration with the European Union and aim to attract leading European buyers and distributors.
On the 5th of September at 11:30am Caribbean Export will host a guided tour for media of the stand providing an opportunity for press to get a first-hand look at the products that have been gaining interest.
In fact, whole root turmeric paste producer ‘Naledo’ has had their Truly Turmeric product selected by top Chef Consultant Steve Walpole to be used in the ‘Taste the Trends Kitchen’ on the 6th of September at 10am.
Visitors to the stand can also enter a competition to win a trip to Saint Lucia courtesy of St Lucia Distillers, and the Saint Lucia Tourism Board.
Join us at the Speciality and Fine Food Fair and take a journey through the islands of the Caribbean to discover the range of products from fiery hot pepper sauces, flavoursome natural and organic condiments to alcoholic beverages including Caribbean craft beer, rum and mamajuana! Also discover wild craft turmeric products, natural teas and free from products.
At the heart of the development of the Caribbean is the sustainable industrialisation of the region to achieve economic growth and transformation. Sustainable Development Goal (SDG) 9, calls for inclusive and sustainable industrial development (ISID) and to realise many of the socioeconomic and environmental objectives identified in the 2030 Agenda from Sustainable Development the Caribbean Community (CARICOM) must be guided by an industrial policy framework.
Industrial policy falls under the portfolio of H.E. Chanderikapersad Santokhi, President of the Republic of Suriname and was a focal topic for discussion July’s Heads of Government meeting.
At the request of the Government of Suriname, Caribbean Export rapidly assisted the facilitation of a study on the ‘Status of Industrialization across Key Export Sectors for CARICOM Countries’. This study provided a full review of industrial policy implementation across CARICOM countries, explored the key export sectors, their level of industrialisation and impact on economic growth, employment and export earning; data analysis of current export products, export markets, labour and industrial productions and provided recommendations for regional and national industrial policy. The findings of this study will assist CARICOM Governments and policy makers to develop strategies and further develop the industry policy framework for the Caribbean.
The study showed that CARICOM economies are at a crossroad requiring a regional industrial policy that is designed in a manner that builds on the existing comparative advantages of the region. Further it is recommended that the policy promotes greater intra-regional and extra-regional trade together with further diversification of the goods and services produced in the Caribbean. Importantly, production of goods must be environmentally sustainable with the benefits from industrial policy being shared equally between countries.
The impact of climate change and COVID-19 has laid bare the need for drastic energy transition towards sustainable solutions and the rise of disruptive technologies are rapidly advancing manufacturing and digitalization in key sectors such as agriculture.
In 2010 Caribbean Export in collaboration with the Deutsche Gesellschaft fur Internationale Zusammenarbeit GmbH (GIZ) launched the modular programme ProNET.
Originally geared towards manufacturing enterprises who want to develop their business and become more competitive, with nine modules in business strategy, quality management, production, product development, knowledge management, human resource management and financial management, the ProNET programme has since been expanded with a new module focused on energy management and renewable energy.
The programme is based on an Experiential Learning Methodology, and is a case study based and driven by practical examples and assignments using techniques such as group work and structured learning exercises, open-ended discussion, brainstorming sessions and field work.
We are now looking to review the course and update it according to your needs.
If you’ve participated in a ProNET course your input is very important to us and invite you to complete this survey.
Suriname – located in the north-eastern coast of South America, is one of the fifteen countries that make up CARIFORUM and has been the location for our executive team this week.
Our Executive Director, Deodat Maharaj together with Damie Sinanan, Manager for Competitiveness and Export Promotion held high-level meetings with the Minister of Foreign Affairs, International Business & International Cooperation – Min. Albert Ramchand Ramdin; the Min. of Finance and Planning – Armand Achibersing and the Minister of Economic Affairs, Entrepreneurship and Technological Innovation – Min. Saskia Walden (MBA, CFE) to present the new strategic direction of the Agency and build relations to support private sector development in Suriname.
From left: Damie Sinanan, Min. Walden and Deodat Maharaj
Caribbean Export, with funding from the European Union has been providing support to Suriname. Since 2017, some 187 people from Suriname have participated in Caribbean Export activities and over US$147K has been awarded to businesses via our various grant programmes so far. As we look to build business, transform lives for a stronger Caribbean, investment is a critical requirement to realise our vision. As such, the facilitation of a Suriname Virtual Investment Summit has been proposed and may well be on the cards soon.
Dr Sinanan also met with several stakeholders on the ground including De Associatie van Surinaamse Fabrikanten (ASFA), Vereniging Surinaams Bedrijfsleven (VSB) and the Suriname Business Development Center in an effort to expand the reach of our interventions with more Surinamese firms in the future.
Caribbean Export continues to work assiduously to strengthen our relationships with key stakeholders and foster new partnerships that can expand our portfolio of services to support private sector development, the transformation of our economies and the creation of jobs for our people.
Minister of Agriculture and Fisheries, Hon. Audley Shaw has announced millions of dollars in investments in the agricultural sector.
Among them is a US$95-million investment to create a certified organic high-tech greenhouse farm in Goshen, St. Elizabeth, “which will be the largest, by far, in the regionâ€, he said.
He informed that the joint-venture project “will be undertaken on a 200-acre property over a seven-year period, and will specialise in Heritage and Heirloom produce, TOV tomatoes, bell peppers, bush beans, garlic, strawberries, cucumbers, sweet corn, watermelon, and other assortments of fresh produceâ€.
The Minister was addressing the opening day of the virtual Caribbean AGTECH Investment Summit 2021 (CATIS 2021 on Tuesday (October 5).
He further cited the US$6-million JFVL Agriculture Project, which will deliver fresh fruits and vegetables for the domestic market, including satisfying demand from the tourism sector.
The joint venture equity investment is centred on the establishment of a state-of-the-art fully integrated supply chain operation.
“The project involves the production, warehousing, cold storage, and multi-channel distribution of fresh produce on the domestic market,†the Minister said.
JFVL’s business model involves the engagement of contract farmers to farm a 600-acre property in Hill Run, St. Catherine, under the company’s direct management, Mr. Shaw said, noting that a feasibility study on the project has been completed.
In addition, the Minard Estate Farm in Brown’s Town, St. Ann, will be expanded under a public-private partnership to increase live animals, beef production, semen, and embryo production, and a 500-acre Agro Park will be built in St. Thomas, under joint-venture equity.
“It (agro park) will be a leading global development site for climate-smart agriculture production, resulting in import replacement of highly valued crops for distribution and export,†the Minister said.
The virtual Caribbean AGTECH Investment Summit was organised by the Caribbean Association of Investment Promotion Agencies (CAIPA), in collaboration with the Caribbean Export Development Agency and its partner, the Caribbean Agribusiness Association (CABA).
The three-day Summit was aimed at promoting the Caribbean as a destination for investment in high-tech agribusiness ventures, with a focus on the production of crops, meat, and seafood, as well as value-added products from the region using smart technologies.
Sea moss, also referred to as Irish sea moss, is a type of red seaweed or algae found around the shores of the Caribbean, North America, and Europe.
On several Caribbean islands, sea moss has been used medicinally for centuries, but it has recently become increasingly popular around the world as a so-called superfood because of its various health benefits.
It is estimated that 56 million metric tonnes will be required per annum as an alternative protein source by 2054 representing 5.94% of global protein demand.
Sea moss is also versatile as it can be made into a jelly and added to all kinds of foods including smoothies, sauces, and soups. It can also be blended with milk, sweeteners, and other ingredients to make a healthy drink.
Over 25 years ago, Dominican entrepreneur John Robin realised the potential for sea moss when he was studying in Canada for an associates degree in fisheries development.
John started working on a project around seaweed and that’s when he got the idea for his business Benjo’s Seamoss.
He recalls: I realised in the Caribbean that we have lots of people who know about sea moss in the various islands but nobody had commercialised it or made it readily available. My idea was to globalise the production and distribute sea moss around the world.
Seaweed presents tremendous backward linkages for agriculture in Dominica and the Caribbean. Seaweed has around 2,500 different applications so we need to utilise the potential of this product. Beverages is just one aspect.
When John returned to Dominica he set about researching ways to bottle sea moss, extend its shelf life, and build a Caribbean brand on the same level as American soft drinks giant Coca Cola.
He joined with a partner to establish his company and, after overcoming some initial spoilage and product development issues, they created their meal in a bottle concept which touted the nutritional health benefits of sea moss.
John explains: By consuming seaweed on a regular basis, the body can be purged of some of the impurities that we ingest through our food, water, and even the air that we breathe. The minerals in seaweed are also in the right quantities for the body to absorb and use on a daily basis, that’s why there is a global demand for sea moss right now.
Benjo’s Seamoss is made from seaweed that has been cultivated in the Caribbean. It currently comes in eight flavours; original, peanut, oats, linseed, pure, bois band, ginseng and ginger but can be adapted for individual markets.
John says: Once we get the sea moss we store it, wash it, boil and blend it and then mix it with other ingredients. We have a standard and well established formulation. Most people describe our product as the best tasting sea moss in the world.
John characterises his company as one of the most successful projects in the OECS. Benjo’s Seamoss is currently the largest drinks exporter from Dominica with 95% of the product being shipped to 20 countries in the Caribbean and worldwide.
John says the key to growing his company has been consistency along with customer service. We spend a lot of time on market research and continuously listening to the customer, John explains.
We try to determine what the customer needs, we respond to that, and then exceed their expectations. We continue to innovate, introduce new products, and have a professional approach to everything we do.
John is thankful for the support he has received from the Caribbean Export Development Agency, especially in terms of access to regional tradeshows, but wishes there was more emphasis on assisting well-established brands along with start-ups.
He suggests: I really think we need to focus on the movers and shakers in the Caribbean and provide sustainable support in a holistic way rather than a piecemeal offering. Our region has ideas, we have global products, but there is no coordinated strategy to help major exporters and that’s keeping us back.
We have to find ways to create viable, big companies that can impact whole economies by providing employment, generating foreign exchange, and addressing the imbalance of trade in our region.
John has been in business for more than a quarter of a century but he has no intention of slowing down. In fact, he has ambitious plans to advance the reach of Benjo’s Seamoss even further by expanding from a national to a global strategy.
He adds: We want to expand on the operation in Dominica but we also want to do more in different regions in the world. Shipping is expensive so it makes more sense to set up a factory in the US, Asia or Europe.
Celebrity chefs Craig and Shaun McAnuff are known for their flavourful, modern and vibrant Caribbean recipes.
The brothers, who are British but with Jamaican roots, launched their Original Flava brand in 2016 with a series of YouTube cooking videos and within a month attracted 70,000 followers. In 2019, their book ‘Original Flava: Caribbean Recipes from Home was a best-seller.
Craig and Shaun are on a mission to shine the spotlight on Caribbean cuisine by showcasing some of the most authentic, accessible, and tasty ingredients the region has to offer.
They believe food brings people together and want to share the happiness they experienced as children from their mother and grandmother’s Caribbean cooking.
At Caribbean Export’s Absolutely Caribbean Virtual Expo, the brothers took part in a live panel discussion on the versatility of Caribbean food.
Craig shared details about their incredible culinary journey and also spoke about the increasing popularity of Caribbean food in Europe and the UK.
“I think the love for Caribbean food really knows no boundsâ€, Craig said.
“It has such a range of different and exciting flavours as well as the culture of the food. It has the feel good factor and many nutritional benefits…adding Caribbean fruit and vegetables to your dishes makes food a lot more colourful.â€
In a pre-recorded video, Craig and Shaun used food products from several Caribbean manufacturers in their own recipes. They also shared five tasty tips on how these items can enhance every dish and bring the scintillating taste of the Caribbean into every home.
Watch the video for Craig and Shaun’s tips and tricks and read more below:
Tip 1 – If you’re looking for an alternative to ordinary flour, why not try gluten-free products using Caribbean staples like breadfruit, coconut, sweet potato or cassava. These products are light, tasty, healthy, and high in fibre. They are also ideal for making flavourful pancakes and dumplings.
The McAnuff brothers used O’s breadfruit flour to make dumplings to go with ackee and saltfish. Shaun said: “It takes a bit longer to work with, more kneading than usual, but the dumplings came out nice and fluffy. The flavour was also much stronger and better than normal flour.
Tip 2 Turmeric is widely recognised as a superfood but why use the powder when you can get 100% of the health benefits and taste from the root! Belizean-based company Naledo produces the world’s first whole-root turmeric paste called Truly Turmeric. This paste enhances the richness and flavour of curries and stews and can even be used in smoothies.
Craig added: Naledo’s turmeric paste was a real joy to work with. Using the root of the turmeric meant you could feel the zing, texture and deep rooted flavour. It’s also versatile. We loved it.â€
Tip 3 Caribbean cuisine is known for its heat and one of the best ways to introduce some spice is with a quality hot pepper sauce like Eaton’s Jamaican Scotch Bonnet. Maximise the flavour of soups, jerk chicken and even gravy by adding the sauce 10 minutes before serving.
Shaun also suggests using pepper sauce to control the heat in your dishes: “You can tip a bit in and taste it as you go along to work out how much you need or don’t need. We also use the sauce in jerk seasoning as an alternative to fresh scotch bonnet.
Tip 4 Viking Mango Chutney is the perfect combination of sweetness and spice. It introduces freshness and flavour and can be used to accompany any dish or to jazz up a salad. Add some lemon, lime and a little bit of water to the chutney in a pan and bring it to a boil to make a warm, tangy Caribbean style vinaigrette.
Craig said the family history behind Viking Mango Chutney particularly resonated with the brothers as well as the company’s close work with local farmers in St Lucia.
He described the smell of the chutney as incredible and added: Salad can be dry and boring sometimes we like to use something sweet with ours. But you can’t always get the right fresh mango, especially in the UK, so this chutney was just perfect, and it tastes unbelievable.
Shaun said: Mango chutney is also really versatile. You can use it as a plantain chip dip, as a dressing, or for Doubles as well. It’s amazing and natural.
Tip 5 The root of the sarsaparilla plant, supplied by Jamrow in Jamaica, is known to have various health benefits especially in relation to relieving joint pain and inflammation. Sarsaparilla roots can be blended, grated or boiled in a pot of water to make a soothing medicinal drink. Try something new and experiment with this Caribbean herb.
Shaun said: We’re familiar with the sarsaparilla drink from when we were growing up, so we were intrigued to use the roots. We made an iced tea and a hot tea by blending it and putting it into tea bags. It was a dense and strong drink.
Craig added: We grew up on cerasee and lemongrass tea, so it was intriguing to work with sarsaparilla, and you could feel the nutritional benefits. Herbal teas are also a huge thing right now in the UK.
Speaking at the Absolutely Caribbean Virtual Expo, the brothers enthusiasm for Caribbean food was tangible and they reiterated their commitment to promoting it around the world.
Shaun revealed: The most important thing for us is to keep flying the flag for Caribbean food. We just want to make people aware of the array of natural flavours, spices, and remedies the Caribbean can show the world. We’ll keep making Caribbean recipes, putting the Caribbean flag on the map, and letting people know that this is the best food to go too.
If you haven’t heard already, Absolutely Caribbean, our first virtual event kicks off next week. We have more than 50 producers exhibiting over the two days. From organic beauty products to aged rum, hot pepper sauces and condiments, these are some of the best and most exciting producers from the Caribbean.
The event programme has shaped up nicely and is bursting with interesting sessions that you simply won’t want to miss. Here are just some of the highlights –
Partners, Original Flava, will show us how versatile Caribbean products are in everyday cooking. ITC-Alliances for Action will present a review on the main food trends and opportunities for the future. There will be sessions on plant-based ingredients which have seen a surge in demand in recent years. Another will run through the history of rum, including a selection of some of the best ones available. You’ll have the opportunity to learn all about trends, business innovation and social inclusion within the coffee market as well as learning all about chocolate as a mass product with the potential to leverage real change within our food system. What’s more, you will be able to book slots with each and every one of our producers to find out more about their products and how they are made.
Over the last few years, we have seen a growing trend for Caribbean products across Europe which is really exciting and provides great opportunity for our producers. In 2018 alone, over 26 Billion Euros worth of goods and services were exported globally from Caribbean Forum (CARIFORUM) and 17.6% of this was to Europe. If you want to read more about the profit potential of Caribbean products across the UK, Germany, Spain and the Netherlands, make sure you read our report (here).
If you haven’t signed up already, what are you waiting for?
Health-conscious consumers are driving the increasing demand for natural products and ingredients. Research shows that the global natural food and drinks market was valued at $79.1 million in 2016 and is estimated to reach $191.9 million by 2023 – a compound annual growth rate of 17.6%. The term ‘natural’ has a range of connotations, but all of them are overwhelmingly positive, and signify how invested consumers are in trying to maintain a healthy lifestyle.
In a 2018 global study, Ipsos asked consumers to interpret the term ‘natural’ and the three most common associations were:
• Healthy. • No artificial ingredients. • 100% from nature.
The public gravitates towards natural products because they believe these offer health benefits which cannot be replicated by man-made substances.
Back to nature
The Caribbean is a tropical haven for a range of plant-based ingredients, so it’s no wonder the region is seeing a surge in demand for its natural produce.
This year, Food Matters Live will welcome Caribbean suppliers of natural goods including herbal teas by Caribbean Cure and Shavuot International; the world’s first turmeric paste from Belizean company Naledo and organic chocolate and cocoa based products by Cold Bush Organics from Jamaica’s famous Blue Mountains range, courtesy of the Caribbean Export Development Agency.
These companies and more are actively taking advantage of the Caribbean’s indigenous bounty.
Caribbean Cure, based in Trinidad and Tobago, prides itself on “harnessing the power of nature†in its organic loose leaf teas and tea bags.
Utilising Caribbean herbs, roots, plants and barks which are traditionally known for their unique healing and health properties, Caribbean Cure’s infusions are not only natural but delicious. They contain no preservatives, additives, or artificial flavourings and a special dehydration process ensures customers taste “the maximum amount of wellness in every dropâ€.
The award-winning company was founded by Stacy Seeterram and Sophia Stone.
“When we began handcrafting our blends, we had one simple mission – to share our passion and love for the age-old traditions and healing qualities of Caribbean herbs,†Sophia recalls. “We visited farmers, herbalists and tea lovers from across the region to find out what makes the perfect cup of natural tea. We were determined to create much more than tea with health benefits.â€
Stacy adds: “The secret is in the process. The tea leaves are slow dried to maximise nutrient content. Each blend offers a delicate balance formulated to create a memorable and unique experience in every cup.â€
Authentic and good for you
Shavuot International is a family-owned Caribbean company which has also tapped into the ever-increasing consumer appetite for all things natural.
Shavuot’s products include exotic tea blends, natural skin and hair treatments, breadfruit flour and powdered spices.
The Jamaican company’s teas rely on natural ingredients of the highest quality, handpicked and manufactured to preserve the rich nutrients in each blend.
Its loose tea is made from local leaves and seeds of the moringa plant, turmeric, cinnamon, cerasee, ginger and peppermint.
Shavuot, which means harvesting goodness, prides itself on using ethically and organically sourced ingredients produced through sustainable community development partnerships and with the support of local farmers.
The company currently exports its products to over 13 countries including the US, UK, Australia, Canada and around the Caribbean.
If there is one thing Jacqueline Cort-Thomas has learnt from her COVID-19 experience, it is that business people need to diversify. The pandemic was certainly a wake-up call for the owner of the Villas at Sunset Lane, a 10-room boutique hotel located on the idyllic island of Antigua.
Ms. Cort-Thomas, who was a beneficiary of the Caribbean Export Development Agency’s WE-Xport programme, an initiative which provides technical support to regional female-owned businesses, had leveraged the support of the programme to re-build the accommodation’s brand to attract group travelers and offer an alluring calendar of events.
Through the WE-Xport programme, Ms. Cort-Thomas accessed business coaching and technical assistance. After delving into her business operations she sought to re-structure finance and subsequently secured a lower commercial interest rate on her company’s outstanding loan. After hounding the bank for a good four years, the bank finally acquiesced on January 2020 to a 7.5 % rate from 9 5 %. This was a huge game changer for the business’ bottom line, she said.
Ms. Cort-Thomas also successfully rebranded the villa’s identity, launched an engaging website and transformed the property into a hot event location, with bookings for Jazz, Just Desserts Pop-Up, culinary re-treats, a film festival and tea parties, amongst others.
As the benefits of the WE-Xport programme were coming to fruition, they quickly came to an abrupt halt when the novel coronavirus escalated globally. The travel and tourism industries were hit hard as countries announced plans to close their borders and governments issued calls for their citizens to return home.
We began to feel the effects of COVID-19 around March 23 when there was a possibility of Antigua & Barbuda closing their borders. Guests who were already in the hotel hurriedly changed their flights to get home and all the bookings down to August were cancelled,†she recalled.
The islands borders were officially closed on March 28 and a lockdown was quickly implemented. The hotelier was forced to lay off staff.
It totally brought a halt to accommodation, the core business of Villas at Sunset Lane. It affected our entire calendar of events as all our special events which were planned and developed, some with sponsors in place, had to be cancelled. Everything came crashing down, leaving the company with zero cashflow. It became evident that all my eggs were in one basket which had sprung a gaping hole. It taught me that I needed to diversify my product offerings,†she revealed
With downtime on her hands, Jacqueline drew on her culinary skills and training to offer a Home Cooking and Delivery Service. Although it gained traction initially, it wasn’t sustainable as momentum slowed down.
There was a demand from some quarters for precooked meals. Villas at Sunset Lane attempted to benefit from the demand but as the curfew started to relax, we found our new customers began to return to their familiar watering holes. It was not worth the effort to continue the food service,†she explained.
Fortunately for Jacqueline, she and four other persons had previously invested in a business called TCG (Antigua) Ltd, which manufactures need-based†products such as citronella candles and insect repellent.
She disclosed: Even though the hotels were all closed creating zero demand for Villas at Sunset Lane, households still needed these products so sales continued but on a reduced level. The factory is now looking at producing hand sanitizers another need-based product for sale locally with the aim to expand regionally.â€
Ms. Cort-Thomas explained that TCG (Antigua) Ltd had the potential to scale up but it was in need of technical assistance. The predominantly female-owned company is hoping to benefit from the Caribbean Export Development Agency’s WE-Xport Programme, which is also designed to help regional business women start or increase exports of their products and services.
So far, TCG (Antigua) Ltd. had begun the process of seeking authorization to enter several markets including Grenada, Guyana, St. Vincent and the Grenadines as well as Trinidad and Tobago. There are plans to re-introduce the product line in St. Kitts and Nevis.
I view this move as part of me pivoting into a more sustainable business opportunity since in my opinion accommodation will struggle for the next two to three years to get back on a profitable footing,†she expressed.
Ms. Cort-Thomas intends to create a symbiotic relationship between her two businesses, possibly bringing the industries of tourism and manufacturing a bit closer.
Villas at Sunset Lane is in the process of developing an e-commerce store which will sell key products made in the Caribbean. TCG (Antigua) Ltd is planning on improving its current line of fragrance candles with a focus on satisfying the Spa & Wellness market. The fragrance candles will be part of gift packages sold via the online store,†she said.
Now that the country has reopened its borders to tourists, Jacqueline shared that the Villas at Sunset Lane received permission from the Antigua Tourism Board to operate again. The board is responsible for examining hotels on the island to ensure they are compliance with COVID-19 protocols. And although, overseas visitors haven’t returned to the accommodation as yet, Jacqueline indicated there was increased interest in staycations from locals.
Nonetheless, despite the pandemic being emotionally and financially burdensome for Ms. Cort-Thomas, the businesswoman strongly believes that for her, COVID-19 was an important teaching moment.
This pandemic has disrupted global supply chains adversely affecting companies’ inventory levels. This brings inventory management to the fore as firms must balance having adequate stock levels to meet customer demands against holding too much stock which can have an adverse effect on cash flow. The cost of carrying inventory is usually higher than the cost of carrying accounts receivables. Therefore, focusing strategically on reducing inventory may improve a company’s bottom line. Moreover, studies have shown that improving inventory management processes can help businesses reduce spending by as much as 25%.
To strategically manage inventory in a way that creates fiscal space for the business, measurements such as monthly analyses of average inventory levels held in days, periodic inventory counts, and sales forecasts are useful. An optimum inventory level should be the goal as too much or too little can be costly to your business. There are useful formulae like SQRT (2SO/CP) which helps businesses to determine economic ordering quantities. While not a silver bullet, it helps to answer two critical questions regarding inventory levels: how much and how often should inventory be ordered? There are numerous types of inventory management systems available to SMEs. Because optimizing inventory levels is a key component of managing cash flow levels, it is important for building financial resilience in SMEs.
Leverage bank & government initiatives
Securing livelihoods and stimulating economic recovery are priorities for governments across the region and several initiatives to support businesses have already been announced. Similarly, banks are offering their business clients opportunities to improve liquidity through restructuring debt repayments and revising interest rates. Here are some of a few examples of what is happening across the region.
Debt Repayments: In the Dominican Republic, credit restructuring is in place to ensure that debtors’ credit ratings are not reduced because of payment arrears caused by the current situation. In Belize, the Central Bank has extended the time (from 3-6 months) to classify non-performing loans for certain companies such as restaurants, transportation, and distribution. Both banks and credit unions have been encouraged to provide grace periods for servicing interest and/or principal components of commercial loans.
Interest Rates: In Trinidad and Tobago the Central Bank has requested money lenders to arrange deferred payments and to reduce interest rates for members. Interest rates on credit cards are expected to be reduced by 10-17% of existing rates. The Bank of Guyana has also urged commercial banks to reduce interest rates on loans and allow deferral of repayments for businesses while in Grenada, businesses in the agro-processing, agriculture and fisheries sector are being offered an interest rate of 3% from the Small Business Development Fund (SBDF).
Liquidity Access: In Barbados a BDS $40 Million VAT Loan Fund has been created to support VAT registered companies with an annual turnover of BDS $200,000 in sales whose cash flows have been severely disrupted by the pandemic. In Jamaica the Business Employee Support and Transfer of Cash (BEST Cash) is a program set up to provide temporary cash transfers to registered businesses operating in the tourism industry which are licensed with the Jamaican Tourist Board. In addition, the Trinidad & Tobago government will provide TT $100 million to the credit union movement for liquidity support to small businesses that qualify for credit union loans. Meanwhile in Grenada, the SBDF has increased its maximum threshold to EC $40,000 while the threshold for unsecured loans is EC$10,000. Lastly in the Dominican Republic the government through the Employee Solidarity Assistance Fund is covering part of the salary expenses in companies experiencing economic difficulties.
Direct Support Grants
Caribbean Export Development Agency will be offering direct support grants to SMEs in CARIFORUM to support a several activities including business continuity via a new programme developed specifically to mitigate the impact of COVID-19 on business. This Direct Support Grant Programme is pegged to launch in July. Subscribe to our mailing list to be informed when the programme launches.
This list is by no means exhaustive and exporters are encouraged to explore the different types of support available in their respective countries. Building financial resilience must take place at the firm level through protecting cashflows, maintaining and using financial intelligence and strengthening inventory management. Fortunately, governments in the region have come to the aide of the private sector by creating the regulatory environment necessary to further strengthen private sector financial resilience.
When Indira Weech returned home to the Bahamas after living in Europe, she started a movement. Determined to offer tourists an authentic Bahamian experience, Indira decided to forego traditional souvenirs, opting for soap, which she dubbed the useful souvenir.
Her handcrafted,
skin-loving bars, formulated with indigenous botanicals and Caribbean scents,
provide the perfect way for visitors to the Bahamas to take home a little piece
of paradise. And her focus on using
natural ingredients and sustainable packaging has been at the forefront of her
eco-coconscious living in the Bahamas, inspiring others to be more mindful of
how much they throw away.
From just soaps in 2004, bahamaSpa™ has expanded to a full body and hair care range, including body scrubs, butters, creams, lotions, massage oils and shampoo bars. And at the root of the company’s success, is Indira’s passion. As she tells it, she’s obsessed with formulating products that are good for both the user and the environment.
If you are going to be successful as an entrepreneur, it can’t just be about money, she said. The days and nights will be long, so you’ll need to find something you’re passionate about, and motivated to keep doing in spite of the failures you will encounter.
In addition to loving
what you do, Indira implores aspiring entrepreneurs to train continuously. Knowledge is key to remaining relevant,
improving your product or service and perfecting your brand, she said.
Looking back on her own failures, Weech shared that there have been many, including the closing of her business and starting again from scratch. But she believes when entrepreneurs share their story, they should willingly share both the highs and the lows, so that those contemplating the journey have a true sense of what it can be like.
Looking ahead, future plans for bahamaSpa
It’s been 11 years since Indira started building the bahamaSpa brand, and many of them have been spent learning about product formulation and about the beneficial properties of plants and herbs. The focus on, and investment in continuous education has been worth it. Her palm, phthalate and paraben free products are receiving rave reviews, and have found their way into luxury spas across the Bahamas.
The demand for this healthier, environmentally friendly skin care option has been so high, that keeping up supply has been challenging. And, because many of the tourists who try Weech’s souvenirs want more than a one-off experience, her focus is now on getting export ready.
bahamaSpa is one of 20 women-owned Caribbean businesses making up the first cohort of participants in the Women Empowered through Export (WE-Xport) programme, which is designed to support Caribbean women in business to start exporting, or increase the exports of their products and services.
Inspired by the sights, sounds and smells of Paris while exploring the city as a child, Weech knew then she wanted to be a creator. She wanted to produce something beautiful and artistic that brought pleasure to its users, and she wanted it to be on display in one of the luxurious Parisian storefronts she peered into and fell in love with. bahamaSpa, with support from the WE-Xport programme, is at the beginning of the realization of that dream, and Indira is confident, that she will one day walk the streets of Paris, and see her products looking back at her from the other side of the glass.
Visit the We-Xport booth at Bmex in June 2019 to see the bahamaSpa range of products.
